06-05-2014, 10:02 PM
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If the latches are simple ones that can be screwed on, then I would likely just replace them. It's not terribly expensive and once they've rusted, they never work smooth again.
As for the bars, I'd probably start with a brillo pad or wire brush and maybe some CLR or other rust remover. Then, as HC87 said, you could look at having them sandblasted and painted. I would at least look at some sort of sealer because once they've rusted, they will rust again if left exposed to the elements.